Research On The Stock Repurchase System Of Listed Companies In My Country

Share repurchases originally originated in the United States.After nearly a century of development,they have been an important capital system arrangement in mature capital market countries.They have the ability to stabilize stock prices,prevent hostile takeovers,implement corporate incentive mechanisms,and protect dissenting shareholders' share repurchase requests.And other positive features.Of course,share repurchase also has obvious negative impacts,for example,violations of the principles of capital maintenance and shareholder equity,and easy to breed illegal actions such as market manipulation and insider trading.Among them,the stabilization of stock prices,as one of the important reasons for share repurchases,already exists and plays an important role in mature foreign capital markets.China's "Company Law" of 1993 only began to provide for stock repurchase matters.Affected by historical background and market environment,the early period of China's share repurchase system was relatively strict.After several revisions,the law gradually became more accommodative and was in line with the share repurchase system in developed capital markets.With the amendment of the"Company Law" in October 2018,the reason for allowing "listed companies to acquire their own shares necessary to maintain company value and shareholders'rights" has been added.At the legal level,share repurchase for stabilization has been established for the purpose of stabilizing stock prices.In addition,related supporting laws and regulations have also been revised and promulgated successively,which is of great significance to give full play to the positive role of the important market regulation tool for share repurchases,and at the same time,it has also increased the legislative requirements for its negative impact on regulation.This article studies the share repurchase for stabilization within the framework of existing laws and regulations,with a view to promoting benefits and eliminating disadvantages and giving full play to its institutional value.The first chapter is an overview of share repurchase for stabilization.It explains the concept of share repurchase for stabilization,sorts out its characteristics,related theoretical basis,positive functions and negative effects,and lays a theoretical foundation for the following explanation.The second chapter introduces the development of China's regulation of share repurchase for stabilization from no clear legal basis to the amendment of the Company Law in 2018,which clarified that listed companies "necessary to maintain company value and shareholders' rights" can acquire the company's shares.Introduced the current status of the share repurchase for stabilization legislation in China with the "Company Law","Securities Law" and "Detailed Rules for the Implementation of Listed Company Repurchase Shares" as core.From the aspects of repurchase,regulation of the repurchase process,disposal of repurchased shares and regulation of illegal behaviors prone to repurchase,analyze the imperfections in the share repurchase for stabilization system of listed companies.The third chapter is to sort out and analyze the share repurchase for stabilization system of listed companies in the United States and Taiwan in China,and to find useful experience for the Chinese share repurchase for stabilization system.Chapter ?,based on the actual situation of China's securities market,puts forward perfect suggestions from the aspects of share repurchase,the regulation of the share repurchase process,the disposal of repurchased shares,and the regulation of illegal acts that are easy to occur during the repurchase.